Filing of ITR for AY 2022-23: The due date for submission of Income Tax Return (ITR) for the financial year 2021-22 or for the academic year 2022-23 is fast approaching as the date of submission of the ITR is 31st July 2022. the deadline given. However, if a taxpayer is unable to file the tax return by the due date, he can file the ITR for FY22 or AY23 with late fee up to 5,000. However, if a taxpayer fails to file the ITR by the last date of December 31, 2022, the income tax department reserves the right to prosecute under certain conditions.

Talking about filing ITR with late filing, Mumbai-based tax and investment expert Balwant Jain said, “If someone is not allowed to file ITR on the due date. on July 31, 2022, you can still file your tax return through the given ITR last date of December 31, 2022 that taxpayers have to pay tax 5,000 late at the time of filing ITR if it exceeds their annual income 5 lakhs. In fact, a person’s income is less than 5 lakh, in which case the late fee will be reduced 1,000.”

What if a taxpayer fails to file the ITR within the last date for filing ITR Balwant Jain replied, “If the ITR is not filed by the last date given, the tax department may will levy a penalty of 50 percent to 200 percent on the actual taxpayer.the tax payment, in addition to the tax and interest liability until a taxpayer files the ITR in response to the notice tax from the department.”

Balwant Jain continued that the Government of India (GoI) has the power to prosecute the taxpayer who failed to file ITR by the last date despite having income tax liability.

“Current income tax rules prescribe minimum 6 months imprisonment and maximum 7 years imprisonment. It is not that the department can appoint you in all cases. for non-filing of ITR.The revenue department can initiate prosecution if the amount of tax sought to be evaded is more than 10,000,” concluded Balwant Jain.

Get Business News, Market News, Latest Events and Latest News on Live Mint. Download the Mint News app to get daily market updates.

More Little

Source link